Comparing policies to confront permit over-allocation

Instability in cap-and-trade markets, particularly with respect to permit price collapses, has been an area of concern for regulators. To that end, several policies, including hybrid price-quantity mechanisms and the newly introduced “market stability reserve” (MSR) systems, have been introduced and even implemented in some cases. I develop a stochastic dynamic model of a cap-and-trade system, parameterized to values relevant to the European Union׳s Emission Trading System (EU ETS) to analyze the performance of these policies aimed at adding stability to the system or at least at reducing perceived over-allocations of permits. Results suggest that adaptive-allocation mechanisms such as a price collar or MSR can reduce permit over-allocations and permit price volatility in a more cost-effective manner than simply reducing scheduled permit allocations. However, it is also found that the performance of these adaptive allocation policies, and in particular the MSR, are greatly affected by assumed discount rates and policy parameters.     

Procrastinating reform: The impact of the market stability reserve on the EU ETS

We study the impact of the market stability reserve (MSR) on price and emission paths of the EU ETS. From 2019 onwards, the MSR will adjust the number of allowances auctioned as a function of the size of the surplus, i.e. in times of a large surplus it shifts the issue date of allowances into the future. In a perfectly competitive allowance market the MSR only affects price and emission paths if the baseline equilibrium becomes unfeasible. If the MSR is binding, prices increase in the short run but drop in the medium run relative to the baseline. The MSR increases price variability if uncertainty over future allowance demand is resolved while there is a surplus. The long run cap is unaffected by both the MSR and overlapping climate policies. This contrasts the EU׳s objectives of improving the resilience of the EU ETS and increasing synergies with overlapping climate policies.     

高质量发展新形势下的现有水价制度分析——以某工业园区为例

企业用水、排水量巨大,排水污染成分复杂.在高质量发展新形势要求下现行的水价标准和水环境持续改善目标之间存在不匹配现象.该研究通过问卷调研获得一手数据,运用水平衡模型计算了目标工业园区内企业的真实用水和排水量,并就两档水资源费和污水处理费情境下企业的承受能力进行了分析讨论.结果表明,工业园区企业存在着私自取水和偷排废水情...     

谈木材生产伐区现场安全管理

本文论述了当前国有林场、采育场木材生产伐区现场安全管理的现状和特点,提出了伐区现场安全管理的内容与措施。     

Heavy Mining Vehicle Controls and Skidding Accidents

This paper examines various control locations in heavy mining vehicles. Three trucks have been tested on a skid pad in both clockwise and anticlockwise directions. The skid lengths were measured after each trial. The primary focus of the study was the positioning of various controls and their relevance to various skid lengths. Some additional measures such as NASA-TLX scales were also used to make subjective evaluations. The results are presented in this paper. The findings clearly indicate the relevance of control locations to actual skid lengths. The poorly located controls resulted in greater skid lengths. This is an important finding as skid lengths are related to greater reaction times in a skidding situation and hence greater risk of accidents on relevant trucks. Such accidents can incur large repair bills for damaged equipment whereas more importantly, jeopardizing the life and safety of heavy mining vehicle drivers.     

Workplace Hazards and Prevention Options From a Nonrandom Sample of Retail Trade Businesses

Employer commitment is a key factor in an effective safety program, yet limited research has focused on the safety priorities of retail store managers. To address this, the U.S. National Institute for Occupational Safety and Health recruited 4 experienced ergonomists, who met and interviewed 9 retailers in different parts of the eastern USA. The reports from the 9 interviews were used to document the hazards facing retailers and the interventions they attempted. Those interviewed were managers/owners of establishments that ranged from a small bakery with 11 employees to a supermarket with 85 or more employees. The main hazards across all establishments included overexertion, contact-with-objects, and falls-to-the-same-level. We also compared the retailers’ perceptions of safety hazards with injuries from actual hazards as supplied by the U.S. Bureau of Labor Statistics. This report provides insight into the retailers ‘ perceptions of safety hazards as well as their commitment to the prevention of workplace injuries.     

Cap-and-trade properties under different hybrid scheme designs

This paper examines the key design mechanisms of existing and proposed cap-and-trade markets. First, it is shown that the hybrid systems under investigation (price floor using a minimum price guarantee, price collar, allowance reserve, options offered by the regulator, and offset relaxation) can be decomposed into a combination of an ordinary cap-and-trade scheme with European- or American-style call and put options. Then, we quantify and discuss the advantages and disadvantages of the proposed hybrid schemes by investigating whether pre-set objectives (enforcement of permit price bounds and reduction of the compliance costs for relevant companies) can be accomplished while maintaining the original environmental targets. Plain vanilla options are proposed as an alternative that reconciles the otherwise conflicting policy objectives.     

Is there a common metals demand curve?

Previous studies have identified a single, stable and strong correlation between the price of metals and their consumption, such that low priced metals are always used in large amounts and visa versa. Some have interpreted this as evidence that metals share a common demand curve so that a single price elasticity of demand exists. This paper reviews and tests this hypothesis against a number of other possible explanations, including the idea that the relationship is an empirical curiosity. Modifications to the demand curve were tested by allowing metals to have different intercepts and price elasticities. The results from this analysis suggest that metals do not share a common demand curve and that the correlation identified between the price of metals and their level of consumption is an empirical curiosity. As such, the singular price elasticities published in past papers should not be used for assessing future rates of metals substitution.     

The effects of pricing waste generation: A synthetic control approach

To internalize pollution externalities into household waste generation, Unit Pricing Systems (UPS) have been adopted worldwide. This paper evaluates the causal effects of a UPS on the disposal of municipal solid waste in Trento, Italy. Using a unique panel dataset of monthly waste generation in Italian municipalities, we employ the synthetic control method, which allows us to account for possible time-varying effects of unobservables. Our results show that the policy was effective, with a significant decrease of the priced waste stream, unsorted waste, by 37.5%. This effect seems to be largely driven by behavioral changes towards waste avoidance (−8.6%) and possibly by a smaller increase in recycling (+6.1%). By comparing these results to those obtained by a difference-in-differences approach, we show that failing to account for time-varying effects of unobservables may lead to a mismeasurement of policy effects.